Success Magazine says that a recent survey showed that 72% of 1000 people surveyed feel, because of the current economic climate, the need to reinvent themselves to increase their earnings. As real estate investors we can identify with the“reinvention” this statement. Sure we are having to be innovative in the way we do business in the current market but as we choose to “reboot” ourselves we are finding that real estate is still the vehicle that creates long term wealth.
Reinventing ourselves was once a term associated with people who after working for years in careers that were not fulfilling decided it was time for a change and start doing something that they enjoy. In today’s world we find that the word “reinvent” is now being the theme of magazines like Success and discussion topics on TV talk shows like Oprah, The View and others.
Here are s few things to think about as we consider “rebooting” ourselves and being innovative in our approach to real estate investing.
1. Go back to the basics. The economy has caused us to be innovative and reinvent the way we approach our real estate investing. We have to go back to the basics. Put to use the tried and true approach of building a relationship with the seller and working out a win solution to solve their problem. Add to this basic approach owner financing and lease options and you could have a deal that works without involving banks or lenders.
2. Things are still working. People are still making money in real estate. Many new investors are seeing this as the time to gain the knowledge the need and jump in when America is on sale. There are bargains everywhere ranging from for sale by owners to auctions. Investors should seek all the education possible from people who are “doing it now” and creating success in today’s market. Even one tip, idea or strategy can be the key to finding and closing a successful real estate deal.
3. Create and maintain alliances. Network with other investors and private lenders to locate sources of funding for your deals. Become active in your real estate investors association and local associations as well. These network contacts can be the source of good deals and possible financial friends as well.
4. Reinvent the wheel. Traditional approaches to locating and marketing real estate are not producing the same results as they did several years ago. It is a fact that if we are going to be successful we have to embrace the use of social media in our businesses with popular sites like Facebook, Twitter and others. Many sites are dedicated to the real estate industry and offer a powerful venue to purchase, market , sale and rent properties. I remember years ago flipping through the pages of MLS books and looking at black and white photos to find properties. Now we all use the Internet. We use social websites to develop relationships with people, keep in contact, share useful information and let people know what we are doing.
Real Estate investing is the development of wealth over the long term. Greg Pinneo refers to this as “buy and hold” strategies. We also create income on short term deals as well to create cash flow. Reinventing ourselves as real estate investors simply means that we evaluate where we are currently and how well our business investment plan is working in this economy. The result is to make the appropriate positive changes to keep us on track. We may find that the changes we make to our investment plan may work out very well. ..and that “rebooting” ourselves is paying off.
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